What's It Worth?

Fri Nov 02, 2007 5:22 pm

I'm about to negotiate with one of my absentee neighbors for the rental of one of the bays of his three bay detached residential garage. The garage is unheated and has electricity, but I don't intended to use any power. It's basically a concrete floor, four walls and a roof. I'll be using it to store one of my Cubs in over the winter and possibly longer.

If you were in my shoes, or his for that matter, what would you think is a reasonable monthly rent for such an arrangement. I have a figure in mind, but I don't want to offend the guy by offering too low. By the same token, I don't want to overpay, either.

Thanks for any opinions or comments.

Fri Nov 02, 2007 5:58 pm

Don, I would check with local Store'n'locks to see what they get and go from there. If you are only going to use it for storing and won't be working in it, and he isn't using it, he may let you have it for about half of their rates. I paid $125 a month for a 12x30 last year for temporary storage in an unheated pole barn bay. That came out to about .35 cents a sq.ft.

Fri Nov 02, 2007 6:30 pm

Don, storage rates at the U-Store places around here in about a 12 X 12 size go for around $35 to $50 a month. Pete

Fri Nov 02, 2007 10:10 pm

I'm with Pete. Check the prices for local storage units. And his prices are about right for this area.

Then again. Absentee neighbor. Perhaps he/she will let you store the tractor free for checking on the property periodically, keeping the sidewalk or drive way cleared. Something that is a win-win situation for both parties.

I would get an idea of the local storage prices. Then talk to the neighbor over a cup of coffee.

I would also go for a written one year contract. A reasonable discount for the advanced full year payment.

Sat Nov 03, 2007 11:53 am

Step dad pays $1000 per year for a 60x60 pole barn dirt floor. Has for over 10 years. Would have build his own on his ground but "his" ground is owned by 5 siblings, and didnt want to increase the value or take away from their income for increased taxes, or the cost of the building.

Wed Nov 14, 2007 1:04 pm

Get some type of contract if you go through with this...

Insurance could prove to be an issue if god forbid something ever happened to the garage.

Wed Nov 14, 2007 1:12 pm

Thanks for all the input. My neighbor and I came to a very reasonable agreement on price for the bay. I checked with my insurance company and the tractor is covered for full value by my homeowner's policy, regardless of location. The tractor is resting comfortably in it's new location as I write this.